南方财经全媒体记者 孙诗卉 上海报道 平安全国性战略调整步伐加快，继平安银行之后，平安人寿上海总部部分员工也将南迁深圳，平安人寿 回应21世纪经济报道记者称旨在加强管理、提升协作效率并助力业务转型。 平安人寿表示，作为公司整体经营发展的一部分，其对总部办公地点进行了统筹安排，要求部分在上海 办公的员工回迁至深圳总部集中办公。 公司强调这一举措是"为进一步加强管理，提升团队协作效率，助力业务转型"，并承诺将保障所有流程 合法合规，切实维护员工权益。 平安的"深圳－上海"双城记 平安人寿在回应中明确指出，此次调整是根据《保险法》《公司法》及《市场主体登记管理条例》等相 关规定进行的。这些法规要求公司主要办公场所应与注册登记的住所保持一致。 选择将部分员工回迁至深圳总部，一方面是为了满足合规性要求，确保公司注册地址与实际主要办公场 所的一致性；另一方面也是顺应公司整体经营发展的需要。 事实上，平安集团的双总部办公模式由来已久。 平安银行对此解释称，主要管理团队在深圳，部分业务团队在上海，存在管理、沟通、效率等问题，是 从上海"回迁"是为了进一步加强管理，减少风险、提升效率。 对于员工安置问题，根据内部人士提供的信息 ...

Core Insights - The "2025 China Top 500 Enterprises" list highlights Shenzhen's strong performance, with 27 companies making the list, including 8 in the top 100, showcasing the city's innovation and growth potential in technology and advanced manufacturing [1][2] Group 1: Company Performance - Shenzhen's top companies include Ping An (12th), Huawei (23rd), BYD (26th), Tencent (31st), and others, reflecting a diverse industry presence in finance, technology, manufacturing, and logistics [2][6] - Huawei reported a revenue of 427.039 billion yuan in the first half of the year, with a net profit of 37.195 billion yuan, leading the domestic smartphone market with a 18.1% share [5] - BYD achieved a revenue of 371.281 billion yuan, with a net profit of 15.511 billion yuan, becoming the global leader in new energy vehicle sales [6] Group 2: R&D Investment - The total R&D investment of the top 500 companies reached 1.73 trillion yuan, with an average R&D intensity of 1.95%, while Shenzhen companies exceeded this average significantly [1][2] - Huawei's R&D investment for 2024 is projected to be 179.7 billion yuan, accounting for 20.8% of its revenue, with over 1249 billion yuan invested in the past decade [7] - BYD's R&D investment for 2024 is expected to be 54.2 billion yuan, representing 6.97% of its revenue, surpassing Tesla's R&D intensity [7] Group 3: Globalization Strategy - Shenzhen companies are increasingly adopting globalization as a strategy for growth, with Huawei establishing 16 R&D centers globally and expanding its cloud services [9][10] - BYD's overseas sales reached 470,000 units, a 132% increase, with significant revenue growth from international markets [9][10] - The global expansion of Shenzhen companies is seen as essential for overcoming domestic market challenges and achieving sustainable revenue growth [10]

平安人寿表示，作为公司整体经营发展的一部分，其对总部办公地点进行了统筹安排，要求部分在上海 办公的员工回迁至深圳总部集中办公。 公司强调这一举措是"为进一步加强管理，提升团队协作效率，助力业务转型"，并承诺将保障所有流程 合法合规，切实维护员工权益。 南方财经全媒体记者孙诗卉上海报道 平安全国性战略调整步伐加快，继平安银行之后，平安人寿上海总部部分员工也将南迁深圳，平安人寿 回应21世纪经济报道记者称旨在加强管理、提升协作效率并助力业务转型。 平安的"深圳－上海"双城记 平安人寿在回应中明确指出，此次调整是根据《保险法》《公司法》及《市场主体登记管理条例》等相 关规定进行的。这些法规要求公司主要办公场所应与注册登记的住所保持一致。 选择将部分员工回迁至深圳总部，一方面是为了满足合规性要求，确保公司注册地址与实际主要办公场 所的一致性；另一方面也是顺应公司整体经营发展的需要。 事实上，平安集团的双总部办公模式由来已久。 2002年，平安将第二总部正式落户上海。平安保险入驻上海浦东时，曾引起广泛关注。当时平安在陆家 嘴金融贸易区投资20亿元建设平安金融大厦，被视为平安全国化布局的重要一步。 而在当时，最先迁沪的专 ...

Core Viewpoint - The Shanghai Stock Exchange 50 Index (SSE 50) has become a core target in value investing due to its precise selection of quality constituent stocks and scientific industry allocation, providing a robust underlying support for returns amidst market volatility [1][2]. Group 1: Constituent Stock Quality - The top ten constituent stocks of the SSE 50 form a "leader matrix" covering multiple core sectors, representing the pricing power and profit resilience of China's core economic assets [1]. - Key sectors include food and beverage, finance, public utilities, resources, and pharmaceuticals, with leading companies establishing strong competitive moats [1][2]. - For instance, Kweichow Moutai, with a weight of 10.55% and a market capitalization exceeding 1.8 trillion, leverages brand scarcity and rigid consumption scenarios to maintain high profitability across economic cycles [1][4]. Group 2: Industry Allocation Advantages - The SSE 50 exhibits a strategic positioning in core sectors, emphasizing "economic foundation + consumption upgrade," which provides a comparative advantage over the CSI 300 and CSI 500 indices [2][7]. - In the financial sector, the SSE 50's allocation is significant, with a combined weight of 36.4% in banking and non-banking financial sectors, substantially higher than the CSI 300's 26.2% and CSI 500's 9.5% [7][8]. - Leading banks like Industrial and Commercial Bank of China and China Merchants Bank are noted for their superior asset quality management and interest margin control, contributing to a "double boost" effect on performance during economic recovery [7][8]. Group 3: Consumer Sector Focus - The food and beverage sector holds a weight of 13.6% in the SSE 50, significantly surpassing the CSI 300's 8.1% and CSI 500's 1.8%, focusing on high-end consumer leaders like Kweichow Moutai [8][9]. - The current TTM price-to-earnings ratio for the food and beverage index is 21.76, indicating it is at a historically low relative valuation, which, combined with a recovering consumption trend, suggests potential for valuation recovery [8][9]. - The food and beverage sector is positioned as a "stabilizer" for the SSE 50, with expectations for steady earnings growth and reasonable valuation recovery, contributing to ongoing cash flow and valuation elasticity [9].

格隆汇9月16日｜据界面，近日有消息称，平安人寿上海总部将迁至深圳。对此，平安人寿回复，根据 《保险法》《公司法》及《市场主体登记管理条例》等相关规定，公司主要办公场所应与注册登记的住 所保持一致。顺应公司整体经营发展需要，为进一步加强管理，提升团队协作效率，助力业务转型，公 司对总部办公地点进行统筹安排，部分异地职场办公的员工需回迁深圳总部进行集中办公。公司将保障 所有流程合法合规，并积极进行人文关怀，切实维护每一位员工的合法权益。 ...

Core Viewpoint - The "Other Equity Instruments Investment" (OCI) has emerged as a significant platform for insurance funds to increase their holdings in A-shares, with a record investment of 1.1 trillion yuan in stocks this year, marking a historical first [1][3]. Group 1: Growth of OCI - The OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan by June 2025, a historical high, compared to over 800 billion yuan at the end of 2024, indicating a growth rate exceeding 35% in the first half of the year [3][4]. - The rapid growth of OCI assets is primarily attributed to increased allocations by insurance companies rather than just asset appreciation [3][4]. Group 2: Preference for OCI - Insurance funds are increasingly favoring equity investments and placing significant emphasis on the OCI channel due to its accounting benefits, which allow market value fluctuations and cumulative gains/losses not to enter the profit and loss statement [5][6]. - Major insurance companies such as Ping An, China Life, New China Life, China Pacific Insurance, and China Re are actively utilizing OCI accounts for their investments [5]. Group 3: Individual Company Performance - Ping An has notably utilized the OCI account, with its OCI assets surpassing 500 billion yuan for the first time, reaching 520.5 billion yuan, a 46% increase from 356.5 billion yuan at the end of 2024 [6][7][8]. - China Life's OCI assets increased from 171.8 billion yuan to 252.8 billion yuan, a growth of over 800 billion yuan, reflecting a 47.1% increase [9][10]. - New China Life's OCI assets grew from 30.64 billion yuan to 37.47 billion yuan, while its trading financial assets decreased, indicating a shift towards long-term equity allocations [15][16]. - China Re's OCI assets increased from 115.78 billion yuan to 139.64 billion yuan, marking a 20% growth in just six months [19][20]. Group 4: Investment Strategies - China Life has significantly increased its investments in Hong Kong stocks through OCI, with the amount rising from 36.3 billion yuan to 61.1 billion yuan, a growth of over 68% [12][14]. - The investment strategies of these insurance companies reflect a structural shift towards long-term equity investments, with a focus on high-dividend assets [14][22]. Group 5: Stock Preferences - The investment preferences of insurance funds can be inferred from their major stock holdings, with China Life favoring companies with strong cash flows, such as telecom and coal sectors, while Ping An focuses on high-dividend stocks like Changjiang Power [21]. - New China Life's investment strategy shows a strong individual stock selection, particularly in the pharmaceutical sector, indicating a focus on asset appreciation [22].

二、中国平安人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国平安人寿保险股份有限公司济宁市邹城支公司将营业场所变更为：山东省济宁市邹城市凤 凰山路670号嘉园小区6号楼（恒泰大厦）12楼。 2025年9月12日，济宁金融监管分局发布批复称，《关于中国平安（601318）人寿保险股份有限公司济 宁市邹城支公司变更营业场所的请示》（平保寿鲁分发〔2025〕93号）及相关材料收悉。经审核，现批 复如下： ...

Group 1 - The "China Top 500 Enterprises" list was released on September 15 by the China Enterprise Confederation and the China Enterprise Directors Association, highlighting the performance of Chinese companies based on their 2024 revenue [1] - Shenzhen has 27 companies listed, with 8 of them making it into the top 100, including notable firms such as Ping An Insurance, Huawei, BYD, Tencent, China Merchants Bank, Vanke, SF Express, and Shenzhen Investment Holding [1] - The selection criteria for the list is based on the operating revenue of the companies for the year 2024 [1]

Core Insights - The article highlights the transformation of China's elderly care industry, emphasizing the integration of senior living into urban environments, as exemplified by Ping An's Yinian City project in Shanghai's Jing'an District [1][3][4] Group 1: Industry Trends - Global aging is a pressing issue, with the UN projecting that by 2025, the population aged 65 and older will exceed 850 million, representing about 10.7% of the global population [3] - China faces unique challenges with its rapidly aging population, including a "premature aging" phenomenon alongside declining birth rates and increasing numbers of empty nesters [3][4] - The need for a tailored approach to elderly care in China is emphasized, moving away from merely replicating international models to developing solutions that meet local demands [3][4] Group 2: Ping An's Approach - Ping An's Yinian City project is strategically located in urban centers, breaking away from the traditional suburban retirement community model, which often isolates seniors [4][6] - The project aims to meet higher-level needs of seniors, such as social interaction and access to quality urban resources, rather than just basic living requirements [6][7] - The integration of cultural, medical, and recreational resources within the community allows seniors to maintain an active lifestyle and social connections [7][9] Group 3: Technological Integration - Technology plays a crucial role in enhancing elderly care services, addressing issues like insufficient caregiving staff and delayed health monitoring [10][12] - Ping An's approach incorporates IoT, AI, and big data to improve service efficiency and quality, ensuring a comprehensive care system [10][12] - The community features a smart interactive system that allows seniors to manage their daily activities, medication, and health monitoring seamlessly [13][14] Group 4: Healthcare Collaboration - Ping An has established partnerships with over 90 top-tier hospitals in Shanghai, creating a "hospital-community" alliance to ensure comprehensive healthcare access for residents [14][16] - The community offers a range of integrated medical services, including health management, chronic disease management, and emergency response, tailored to the needs of seniors [16][19] - The focus is on preventive care and holistic health management, aiming to reduce the incidence of diseases through lifestyle and dietary interventions [16][19] Group 5: Market Potential and Future Directions - With over 300 million people aged 60 and above in China, there is significant potential in the silver economy, which can foster the development of world-class elderly care enterprises [21] - Ping An aims to elevate industry standards and promote collaborative growth within the elderly care sector, aligning with national goals for the silver economy [21][20] - The company is committed to creating a "comprehensive financial + medical elderly care" strategy, leveraging its resources to provide a full-cycle service for seniors [20][19]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. successfully issued HKD-denominated zero-coupon convertible bonds, raising HKD 15.556 billion, marking several records in the market [1][3][7] Group 1: Issuance Details - The issuance of convertible bonds by China Pacific Insurance is the first overseas convertible bond for a state-owned financial enterprise listed both domestically and internationally [1] - The bonds have a conversion price of HKD 39.04 per share, representing a premium of approximately 21.24% over the closing price on September 10 [2] - The total number of shares that can be converted from the bonds is approximately 398 million, accounting for 14.36% of the existing H-shares [2] Group 2: Strategic Use of Funds - The funds raised will primarily support the core insurance business and the company's three strategic developments: "Great Health and Wellness," "Artificial Intelligence+," and "Internationalization" [3][7] - China Ping An also announced similar plans for its bond issuance, focusing on capital needs for medical and elderly care strategies [3] Group 3: Market Sentiment and Investor Confidence - The issuance of zero-coupon bonds indicates a near "free" long-term financing option, as investors forgo regular interest income in favor of potential capital gains from future stock conversions [3][4] - Over 70% of the bonds were subscribed by long-term investors, reflecting strong market confidence in the fundamentals and long-term prospects of China Pacific Insurance [3] Group 4: Comparative Analysis with Peers - China Ping An's strategy involved issuing H-shares while simultaneously repurchasing A-shares, balancing interests across different markets [4][5] - The issuance of convertible bonds and share repurchases is seen as a way to attract foreign investment while managing stock dilution and enhancing share price [5] Group 5: Regulatory and Market Context - The issuance aligns with the implementation of the second phase of the solvency regulatory framework, which raises capital requirements for insurance companies [7] - The low-cost financing through convertible bonds is a strategic response to the global low-interest-rate environment, allowing insurance companies to secure long-term funding [6][8] Group 6: Future Trends - The trend of issuing H-share convertible bonds may become more common among listed financial enterprises due to favorable market conditions and regulatory flexibility in Hong Kong [8] - The focus on emerging business areas like health and artificial intelligence is expected to yield long-term returns, although these sectors typically require patience for profitability [8]